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June 28 (Reuters) – Gold prices rose Monday as the dollar fell and tamer-than-expected US inflation data allayed fears that the Federal Reserve would tighten monetary policy soon.
BASICS
* Spot gold XAU = rose 0.1% to $ 1,781.19 an ounce by 0109 GMT. US gold futures GCv1 rose 0.1% to $ 1,780.30.
* The dollar index .DXY down 0.1% versus rivals, making gold cheaper for holders of other currencies. U.S. DOLLAR/
* US consumer spending paused in May while the consumer spending price index, the Fed’s preferred inflation measure, fell below expectations.
* Minneapolis Fed President Neel Kashkari said Friday he expected the recent high inflation rates would not last and large numbers of Americans would return to the job market this fall.
* Republican Senate Infrastructure Deal negotiators were optimistic about $ 1.2 trillion bipartisan bill Sunday after President Joe Biden withdrew his threat to veto the measure, unless a separate one Democratic spending plan also passes Congress.
* On the physical front, the gold market in top consumer China tipped into a premium last week as prices eased, although activity was subdued, while buyers in India waited for a bigger drop in prices as more jewelers opened. GOL / AS
* Speculators reduced their net long gold position by 38,288 contracts to 76,163 for the week ending June 22, data from the Commodity Futures Trading Commission showed on Friday. CFTC /
* Silver XAG = was stable at $ 26.07 an ounce, palladium XPD = rose 0.2% to $ 2,641.38. platinum XPT = decreased 0.1% to $ 1,109.64.
(Reporting by Sumita Layek in Bengaluru; editing by Subhranshu Sahu)
(([email protected]; within the US +1 646 223 8780, outside the US +91 8061822693; Reuters Messaging: [email protected]))
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
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